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Sipchem wins $360m finance.

Byline: Riyadh

Saudi International Petrochemicals Company (Sipchem) said it secured 1.35 billion riyal ri·yal also ri·al  
n.
See Table at currency.



[Arabic riy
 ($360 million) in financing from the state-owned Public Investment Fund for an acetyl acetyl /ac·e·tyl/ (as´e-til) (as´e-tel?) (ah-se´til) the monovalent radical CH3COsbond, a combining form of acetic acid.

a·ce·tyl
n.
 complex.

Sipchem has already obtained a loan of 1.12bn riyals from the government-owned Industrial Development Fund and a commercial financing of 1.43 billion riyals for the complex, it said.

The plant is 95 per cent complete and will start production by mid-this year, it added.

Sipchem raised 2 billion riyals in February last year by selling stocks to its shareholders to help finance the acetyl project and other future expansion plans, according to according to
prep.
1. As stated or indicated by; on the authority of: according to historians.

2. In keeping with: according to instructions.

3.
 a report in our sister newspaper Gulf Daily News.

Sipchem started developing the complex in 2005.

The project targets annual production capacities of 340,000 tonnes of carbon monoxide carbon monoxide, chemical compound, CO, a colorless, odorless, tasteless, extremely poisonous gas that is less dense than air under ordinary conditions. It is very slightly soluble in water and burns in air with a characteristic blue flame, producing carbon dioxide; , 400,000 tonnes of acetic acid acetic acid (əsē`tĭk), CH3CO2H, colorless liquid that has a characteristic pungent odor, boils at 118°C;, and is miscible with water in all proportions; it is a weak organic carboxylic acid (see carboxyl group).  and 330,000 tonnes of vinyl acetate.

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Publication:TradeArabia (Manama, Bahrain)
Date:Feb 15, 2009
Words:165
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